Tekcapital’s Lucyd signs North American distribution agreement for Lyte™ smart glasses
said its portfolio company Lucyd, the smart eyewear and wearable software developer, has signed a distribution agreement with US-based manufacturer, D. Landstrom Associates, to distribute its “Lyte” bluetooth e-glasses in North America
London-listed Tekcapital currently owns 100% of the share capital of Lucyd Ltd and around 78.1% of the share capital of Lucyd’s operating subsidiary, Innovative Eyewear, Inc.
Under the deal, D. Landstrom Associates will seek to distribute Lucyd products with general merchandise and specialty big box across stores such as Walmart, Target and Best Buy.
The Lucyd® Lyte™ glasses are the group’s latest range of tech-enhanced, prescription eyewear which enables its wearers to ‘seamlessly play music, take phone calls and chat with their phone's assistant while maintaining situational awareness with open-ear technology.’
It said Lyte offers one of the industry’s leading streamlined designs in smart eyewear, with an ultra-light weight of just 1.2-1.4 ounces, as well as a ‘best-in-class’ playback per charge.
The features of the e-glasses include Hi-fi Bluetooth® Audio which allows connections to all Bluetooth devices, enables rapid pairing, clear sound quality for calls, music and podcasts as well as open-ear audio enables simultaneous connectivity and situational awareness.
Commenting on the Lyte™ glasses (pictured below), Shean Ferrell, CEO of D. Landstrom Associates said, “The first time you put them on you think, “wow these are comfortable, stylish, well-built glasses,” and when you hear the sound for the first time you are absolutely blown away.”
Pictured: Recording Artist Hadar Adora sporting Lucyd Lyte(TM) e-glasses.
(Source: Photo courtesy of Innovative Eyewear, Inc.)
He added that, “We think the product is ready for a national roll-out and we are looking forward to trying to secure the onboarding of one or more major retail chains this year.”
Tekcapital said Lucyd Lyte e-glasses are positioned ‘at the intersection of the eyeglass, hearables and voice assistant markets.’ According to Fortune Business Insights, the eyewear market is projected to reach US$ 179 billion by the end of 2026 with a CAGR of 5.7%.
According to Allied Market Research, the hearables market size is projected to reach $93.9bn by the end of 2026 with a CAGR of 17.2%. Over four billion voice assistant devices are currently in use globally with projected sales of $5.9bn by 2026 with a CAGR of 30.5%.
Harrison Gross, Lucyd’s Co-Founder and CEO said, “With more than 90 five-star reviews, Lyte is gaining significant ecommerce traction through our social media and influencer marketing, and we view brick and mortar distribution as a natural complement to this growth.”
Shares in Tekcapital have soared over 80% in value since the beginning of November 2020. Today’s news represents the first distribution agreement secured for the Lucyd’s Lyte™ glasses range since the company announced its initial launch back in January 2021.
The company said it believes that the new Lyte line has the potential for mass market adoption ‘due to its advanced design, designer eyeglass form-factor and affordable pricing.’
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